Electric Household Appliances Market Size in Asia Pacific is Expected to Grow Significantly by 2024

The Asia Pacific electric household appliances market is expected to grow significantly. The improved standard of living in these rapidly-developing economies has resulted in the proliferation of electronic appliances in the regions. The countries including the U.S., UK, France, and Germany are projected to show a high growth in the electric household appliances market owing to the high demand for the replacement of electric devices.

Electric Household Appliances Market is set to exceed USD 600 billion by 2024. The rise in disposable incomes is projected to boost the electric household appliances market growth. The average monthly income of the families has increased, leading to households making purchases beyond the absolute household necessities. This has caused the households to indulge in the purchase of electrical appliances such as vacuum cleaners, wine-coolers, and air conditioners, which were earlier viewed as luxury items.

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The major players operating in the market-
• AB Electrolux
• GE
• Gree Electric Appliances, Inc. of Zhuhai
• Haier
• Hitachi
• LG Electronics
• Panasonic
• Robert Bosch GmbH
• Samsung Electronics
• Sharp Electronics Corporation USA
• Siemens
• Tiger Corporation
• Toshiba Corporation
• V-Guard
• Walton Group
• Whirlpool Corporation

Major Key Points from Table of Content:

Chapter 3 Electric Household Appliances Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 - 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distribution channel analysis
3.3.3 Policies affecting the ecosystem
3.4 Raw material trends
3.4.1 Stainless steel
3.4.2 Plastics
3.4.3 Aluminum
3.5 Pricing trends
3.6 Technological & innovation landscape
3.7 Regulatory landscape
3.7.1.1 Consumer Product Safety Act
3.7.1.2 Federal Hazardous Substances Act (FHSA)
3.7.2.1 EMC Directive
3.7.2.2 Ecodesign Directive
3.7.2.3 EU 517/2014
3.7.3.1 Electricity act of 1994
3.7.3.2 Waste Electrical and Electronic Equipment Directive (2002/96/EC)
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Rise in disposable incomes and growth of organized retail sector
3.8.1.2 Technological advancements
3.8.1.3 Advertising and promotions by players
3.8.1.4 Energy efficiency measures in North America
3.8.1.5 Replacement of obsolete products and government initiatives in Europe
3.8.1.6 Need for modernized appliances across APAC
3.8.1.7 Rising disposable income levels in Latin America
3.8.2 Industry pitfalls and challenges
3.8.2.1 High unemployment rates
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 Competitive landscape, 2016
3.11.1 Strategy dashboard
3.11.2 Emerging business models
3.12 PESTEL analysis

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Growth in the organized retail sector is one of the key drivers of the electric household appliances market. In light of the competition, the retailers give lucrative offers to the buyers and easy and varied sources of credit schemes to purchase their products. For instance, retail shops offering shaving machines give attractive purchasing offers to the buyers if they intend to purchase a beard trimmer. Additionally, the organized retail enables shops to have higher margins, which allow them to give higher discounts to the buyers thereby furthering the electric household appliances market growth.

Rising technological advancements in the electric appliances are key trends that are anticipated to significantly accelerate the electric household appliances market growth. For instance, people did not prefer buying wind blowing coolers earlier; however, with technological advancements and greater flexibility offered by the electric coolers, people may favor these devices. Additionally, advancements in technology have enabled these electronic appliances to be priced more competitively, thereby amplifying the reach of the electric household appliances market.

High uncertainty regarding the supply of raw materials is proving to be a major factor restraining the electric household appliances market growth. Fluctuations in the supply of raw materials result in fluctuating eventual prices of the electrical appliances, making people apprehensive about purchasing these devices. Additionally, the fluctuating electricity prices may threaten the household electric appliances market growth.

The air conditioner segment is driving the demand for the household electric appliances market. The expansion of cement-based infrastructure and the overcrowded infrastructure in the cities have resulted in rising average temperatures of the cities, which have supplemented the demand for air conditioners. The electrical cooking appliances segment is facing a high demand owing to the increased level of flexibility offered by these devices to the new and trainee chefs.

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